Ready for the rush
GYMPIE real estate agent, developer and dairy farmer John Cochrane is looking forward to a brave new world of real estate, starting tomorrow.
The sun will rise on a real estate market without the contentious and, many say, stupid and unnecessary "sustainability declaration," under which real estate vendors need to declare the details of their home's energy and water efficiency.
The other big change Mr Cochrane is looking forward to is the $6000 rebate on stamp duty for people buying their own home as a principal place of residence.
The changes come into effect tomorrow.
"We're expecting a big surge from July 1," Mr Cochrane said yesterday.
And, he said, most agents would be ready to deal with the changes, with newly redrafted contracts ready to go.
Mr Cochrane said the sustainability declaration had become a legal nightmare, creating a situation where its complexity could lead to increased disputation, something that was never good for business, or for the buyers and sellers trying to engage in a transaction that really needs to be as simple and free from legal doubt as possible.
"We had a legal person look at (the sustainability declaration)," Mr Cochrane said from his Gympie Regional Realty office in Mary St yesterday.
"He said that even if you fill out the form to the best of your ability, if you get anything wrong, a buyer can then engage a lawyer to try to find loopholes to negotiate a better price or get out of the deal. And the stamp duty exemption would be even more important.
"Why would people want to borrow $6000 just to pay it to the government?" he said.
"We're expecting people who have been putting off a purchase to come back into the market on Sunday.
"We'll have the contracts ready," he said.